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Bill banning crypto mining for 3 years dies in NY state assembly

June 11, 2021. Summarized by summa-bot.

Compression ratio: 37.3%. 1 min read.

Bill 6486 in the New York legislature was aimed at establishing “a moratorium on the operation of cryptocurrency mining centers” in response to the growing concerns over the environmental impact of mining.

A bill which would have required miners in New York to halt operations for three years as part of an apparent effort to slow the environmental impact of crypto has been defeated in the state legislature.

Some in favor of the bill’s passage have cited environmental concerns, given the large energy demands for mining crypto — miners currently need a permit from New York state environmental regulators to operate.

Lawmakers in the New York state senate passed the mining ban legislation by a 36-27 vote on Tuesday.

by summa-bot

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